On September 25, CICC declined 3.14% in regular trading, trading at HK$19.41/share, with turnover of HK$4.6418 million, extending the previous session's 3.74% H-share drop and marking consecutive sessions of weakness.

On the news front, CICC's landmark three-way absorption merger with Dongxing Securities and Cinda Securities has entered its final closing stage. The settlement of dissenting A-share shareholders' put option shares has been completed, with Shenwan Hongyuan finishing the share transfer procedures and approximately RMB 253 million in exercise funds to be distributed within five trading days. Both Dongxing Securities and Cinda Securities have had their voluntary delisting applications accepted by the Shanghai Stock Exchange. Despite these milestones confirming the creation of a trillion-yuan-scale brokerage, the stock has faced persistent selling pressure as merger benefits appear fully priced in. On the A-share side, CICC fell 4.99% on September 24 to RMB 31.02, hitting a 60-day low. The broader Investment Banking and Brokerage sector also declined, with CITIC SEC down 2.95%, GF SEC down 2.79%, and CGS down 2.91%.

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